The following is West Valley Company's stockholders’ equity section of the balance sheet on December 31, 2002:

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Preferred stock (8%, $60 par, noncumulative, 16,000 shares authorized, 8,000 shares issued and outstanding). Common stock ($10 par, 120,000 shares authorized, 80,000 shares issued and outstanding). Paid-in capital in excess of par, preferred stock Paid-in capital in excess of par, common stock Retained earnings 1. Journalize the following 2003 transactions: a. Issued 2,000 preferred shares at $70 per share. b. Reacquired 1,000 common shares for the treasury at $13 share. C. per $480,000 800,000 130,000 252,000 330,000 Declared and paid a $2-per-share dividend on common stock in addition to paying the required preferred dividends. (Note: Debit Retained Earnings directly.) d. Reissued 600 treasury shares at $14 per share. C. Reissued the remaining treasury shares at $12 per share. f. Earnings for the year were $92,000, including $200,000 of revenues and $108,000 of expenses. 2. Prepare the stockholders' equity section of the balance sheet for the company at Decem- ber 31, 2003.